Regions

By Erika Schnitzer, Associate EditorLos Angeles—Astani Enterprises Inc., based in Beverly Hills, Calif., recently celebrated the grand opening of Concerto, a new $300-million, 100,000-sq.-ft. condominium development in downtown Los Angeles’ South Park.   The community, which will be completed in two phases, is being designed for LEED (Leadership in Energy and Environmental Design) certification.Occupancy of the first building, the 77-unit mid-rise loft building, is slated to begin in June 2009, and occupancy of the first tower, which encompasses 271 units, is planned for the fall of 2009. Phase II will include the second tower, with an additional 281 units. However, “there…

By Anuradha Kher, Online News EditorLivingston, N.J.–Gebroe-Hammer Associates has closed six separate multifamily housing transactions totaling $6.4 million throughout the Northeast. The 102 units were sold in key urban and suburban markets on behalf of undisclosed buyers and sellers in Philadelphia and North Jersey’s Essex, Union and Hudson counties. The largest trade was the $1.425 million sale of Loretta Arms Apartments (pictured), located at 1901-13 Faunce St. in northeast Philadelphia. The company also closed the $1.175 million sale of 245 Reynolds Terr., in the City of Orange. The 17-unit garden apartment community features 11 two-bedroom and 6 one-bedroom layouts located…

By Anuradha Kher, Online News EditorWashington D.C.–The U.S. Department of Housing and Urban Development has appointed Helen Kanovsky, Peter Kovar and John Trasviña as the general counsel, assistant secretary for congressional and intergovernmental affairs, and the assistant secretary for fair housing and equal opportunity. The U.S. Senate unanimously confirmed all three.HUD Secretary Shaun Donovan said about their election, “Each plays a critical role in our goal of building a dynamic, collaborative housing team that will better position HUD to help the nation overcome the tremendous housing challenges we currently face.” Prior to serving as HUD’s General Counsel, Kanovsky held the…

By Erika Schnitzer, Associate EditorChicago—While the Windy City has been faring relatively well on its supply side, its demand leaves much to be desired, according to Greg Willett, vice president of research and analysis at M|PF Yieldstar.Occupancy is sitting at an average of 92.4 percent, down 190 basis points year-over-year. While this number may not seem so low for some parts of the nation, Chicago usually sees a 97 percent occupancy level, notes Willett, “so to them, it feels really bad, even though it’s not as steep a cut as other markets.”Unlike many other major markets, Chicago’s suburbs—which are, on…

By Dees Stribling, Contributing Editor, Commercial Property News New York–In light of the current doldrums for both commercial and residential real estate, what’s a developer to do? Be ready for the eventual turnaround, if possible. Development is typically a multi-year activity, after all. It also helps to plan your project in an area that’s more economically resilient than many others, due to relatively high household income. This week the village council of Winnetka, Ill., an affluent northern suburb of Chicago, granted approval of a 167,800-sq.-ft. mixed-use development downtown. Construction is not expected to begin for at least a year on…

Washington, D.C.–Urban Investment Partners (UIP) has completed its full-building rehabilitation of The Shelby, a 24-unit luxury apartment building located at 1706 T Street, N.W. in Washington, D.C.’s Dupont Circle-Adams Morgan neighborhood. Move-ins have begun. (Kitchen before on right) UIP, through its $60 million Washington Residential Fund II (WRF II), purchased the property, formerly known as The Absecon, at foreclosure from Adams Bank. UIP then embarked on a $2 million “gut” renovation.  (Kitchen after below)“This property was in such deplorable condition, with 60-year-old stoves, holes in the walls and ceilings, an obsolete and leaky steam heating system, and more,” says Steve…

By Anuradha Kher, Online News Editor     Sunnyvale, Calif.–Raintree Partners has acquired Trellis Square Apartment Homes (pictured) in Sunnyvale, Calif. The property is a 204-unit luxury apartment community located in the heart of Silicon Valley for $38.25 million. This is the first multifamily acquisition for Raintree Partners.“Through our relationship with an institutional investor, Raintree Partners has the capital available to acquire a substantial portfolio of multifamily development and redevelopment projects located within high growth markets in the Western United States,” says Jeffrey B. Allen, CEO of Raintree Partners. Aaron Hancock, director of acquisitions for Raintree Partners, says, “We will continue to…

By Erika Schnitzer, Associate EditorLos Angeles—KTGY Group Inc., Architecture and Planning has been awarded the 2009 Best of 50+ Housing Gold Award by the National Association of Home Builders’ (NAHB) in the category of “Best Multifamily Rental 50+ Community (Affordable)-On the Boards” for its design and planning of Echo Park. The property is a 90-unit affordable urban infill senior apartment community that is designed for LEED (Leadership in Energy and Environmental Design) Silver certification. KTGY has been awarded with at least one Best of 50+ Housing Award annually since 2004. Last year, KTGY received the Best of 50+ Housing Gold…

By Anuradha Kher, Online News EditorWashington, D.C.–The Federal Reserve’s Term Asset Backed Securities Loan Facility (TALF) has been expanded to cover commercial real estate backed securities (CMBS) and loans. In addition, the loans provided to investors under TALF to purchase the securities will have five-year terms, which better match the needs of CMBS investors. Previously, the loans were only for three years and were aimed at consumer credit, such as car loans and credit cards. The five-year loans for CMBS purchases will begin in June, and the Fed will extend up to a total of $100 billion in such loans….

By Anuradha Kher, Online News EditorWashington, D.C.–Move-ins have begun at the 27-unit Ontario Court Apartments where the Jubilee JumpStart Early Childhood Development Center has also been built. Located at 2525 Ontario Road, NW, in the Adams Morgan neighborhood in northwest Washington, D.C. the newly renovated $9 million redevelopment project is the result of a public-private partnership with the federal New Markets Tax Credit (NMTC) program, the District of Columbia Department of Housing and Community Development (DHCD), Jubilee Housing, Jubilee JumpStart, PNC Bank and Enterprise Community Investment Inc. (Enterprise).  The 85-year-old Ontario Court Apartments will continue being an affordable housing project,…